Shares of iconic beverage and snack company (NASDAQ: PEP) traded roughly 2.6% higher as of 11:51 a.m. ET today, although had risen as much as 6.2% earlier this morning. The move occurred after Elliott Investment Management, which is led by billionaire investor Paul Singer, purchased a $4 billion activist stake in the company.

PepsiCo has struggled in recent years, as competition in the food and beverage space has ramped up and consumer preferences have changed to favor healthier snacks and drinks with fewer chemicals and preservatives. 

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Source Fool.com